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PREPARING FOR A RANSOMWARE ATTACK What is a Ransomware Attack? Ransomware attacks occur when cybercriminals use a malicious software, or “malware” to block a computer, device, electronic system and/or data from use by its owner, and then demand a ransom payment before releasing it into the owner’s control, or a payment to prevent further public disclosure of that data (e.g. exposing private data on public platform). The electronically stored data and files are encrypted and held hostage until the ransom is paid, usually in cryptocurrency -- a cheap, anonymous and quick way for criminals to move funds. The malware used to generate illicit revenue in this manner is generally referred to as ransomware. The software developers who make ransomware, will solicit another criminal actor (sometimes terrorist or state actors) interested in demanding a ransom, and typically rent out the ransomware to that actor for a cut of
the action. These two parties typically partner up with a hacker/compromiser to find a way into the target computer, device, system or data in order to launch a ransomware attack.
Do I Really Have to Be Concerned with a Ransomware Attack? YES! In 2020, an estimated 65,000 ransomware attacks occurred, eliciting over $400M in cryptocurrency payments. Notably, the victims of ransomware attacks are not only large multinational organizations. Ransomware spreads -- quickly -- to vendors and customers of larger institutions.
“In 2020, an estimated 65,000 ransomware attacks occurred, eliciting over $400M in cryptocurrency payments.” Before the malware is even discovered, individuals and small businesses that have functioned without any IT specialists, cybersecurity experts or even cyber-insurance can fall victim to a debilitating ransomware attack. If you or your business has money and a digital presence you need to be concerned about a ransomware attack. Cyber-incidents are constant: one frequently quoted statistic is that at least one cyber-attack occurs every forty seconds. If you are a victim of a ransomware attack, you will receive a notification on your computer or device describing the system, data or files that have been encrypted, or locked, and what will happen to them if you fail to make a payment as instructed by a certain time.
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| NAWRB MAGAZINE
